India Insurance Report
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Market Reports on India present the latest report on “India Insurance Report”. India's insurance market is expected to record rapid growth over the course of our five-year forecast period of 2016-2020. http://www.marketreportsonindia.com/service-industry-market-research-reports-3/india-insurance.html
06th October, 2016 – Navi Mumbai, India: Market Report on India present the latest report on “India Insurance Report”. India's insurance market is expected to record rapid growth over the course of our five-year forecast period of 2016-2020. While already a large market, the insurance sector is by no means mature and there remains significant scope for growth from a relatively low base, particularly in the less developed non-life market. India is home to a large population where household income rates are expected to increase steadily which indicates greater affordability for a range of products - though the focus will likely remain on basic motor, health and property lines. Growth in the life sector should also remain strong, especially in view of very strong data for new premiums for 2016/17; we now forecast growth in gross premiums written of 11.0% in local currency terms in 2016, ahead of growth remaining in (or close to) double digits throughout the forecast period.
Key Updates and Forecasts
-New business in the life sector during the first four months of fiscal year 2016/17 was very strong, with the country's Life Insurance Council revealing a 22.7% rise in new premiums. We forecast growth in gross premiums written of 11.0% in 2016, which would take premiums to INR4,176.8bn. In US dollar terms this translates into growth of 4.3%, taking gross premiums written to USD61.2bn.
Table of Contents
Industry View
Table: Headline Insurance Forecasts (India 2013-2020)
SWOT
Insurance
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (India 2013-2020)
Table: Life Insurance Claims (India 2008-2014)
Non-Life Premiums Forecast
Table:...
06th October, 2016 – Navi Mumbai, India: Market Report on India present the latest report on “India Insurance Report”. India's insurance market is expected to record rapid growth over the course of our five-year forecast period of 2016-2020. While already a large market, the insurance sector is by no means mature and there remains significant scope for growth from a relatively low base, particularly in the less developed non-life market. India is home to a large population where household income rates are expected to increase steadily which indicates greater affordability for a range of products - though the focus will likely remain on basic motor, health and property lines. Growth in the life sector should also remain strong, especially in view of very strong data for new premiums for 2016/17; we now forecast growth in gross premiums written of 11.0% in local currency terms in 2016, ahead of growth remaining in (or close to) double digits throughout the forecast period.
Key Updates and Forecasts
-New business in the life sector during the first four months of fiscal year 2016/17 was very strong, with the country's Life Insurance Council revealing a 22.7% rise in new premiums. We forecast growth in gross premiums written of 11.0% in 2016, which would take premiums to INR4,176.8bn. In US dollar terms this translates into growth of 4.3%, taking gross premiums written to USD61.2bn.
Table of Contents
Industry View
Table: Headline Insurance Forecasts (India 2013-2020)
SWOT
Insurance
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (India 2013-2020)
Table: Life Insurance Claims (India 2008-2014)
Non-Life Premiums Forecast
Table:...